Some people won’t leave home without their sunglasses, some won’t leave home without their cup of coffee in the morning.

If you are at all at risk of being sued, you can leave the sunglasses and the coffee at home;  just don’t leave without your umbrella insurance policy.

That sounds serious and it is because everyone should have an umbrella insurance policy?  Anyone who owns any type of property should seriously consider buying an umbrella insurance policy.  If you own anything you are at risk of being sued…and you could say that we are all at risk of being sued.

Umbrella Insurance Coverage:

Property Ownership.

  • If you own a home you are at risk.
  • If  you own and drive a car, you are at risk.
  • If you own a boat or motorcycle you are at risk.
  • If you have teenagers driving the cars, you are at risk.
  • Do you have a swimming pool…at risk.

Doing The Community Thing.

  • Do you coach the local little league team, if you do, you are at risk.
  • If you car pool other people’s kids, you are risk.
  • If you are involved in scouts, you are at risk.
  • The more at risk – the greater your need for an umbrella policy.
  • You only have to be sued once to end up in financial ruin.

The Lawsuits.

  • You can be sued for any reason.
  • You can be sued for any amount.
  • Not all lawsuits are valid.
  • If the lawsuit is found to not be valid you still have to defend yourself against it.
  • Lawsuits are expensive, whether it’s a valid suit or not.
  • Your umbrella insurance pays for those expenses.
  • Your insurance company will help you through the process of a lawsuit and an insurance claim.

The Mechanics of Umbrella Insurance.

  • If you want to own umbrella insurance, most insurance companies will have you carry all of your other insurance policies with the same insurer.
  • Which means you will have to combine your auto insurance and home insurance with one insurance carrier.
  • Insurance companies usually require all coverages because it gives them a little more control over your liability because they can monitor more closely your claim activity, payment activity, who is insured on the policy and so forth.
  • Umbrella insurance is a large loss liability policy and insurance company’s are very careful about who qualifies for such type of policy.

Even though the tough economy may be pinching your wallet and you may be trying to cut back on your spending, umbrella insurance is well worth spending for. You have to pay extra for the policy but in the long run it will pay off – in a good economy as well as a bad one.